(a) An ABLE savings account established pursuant to this Chapter shall be opened by a designated beneficiary or by a trustee or guardian of a designated beneficiary who lacks capacity to enter into a contract; provided, that the designated beneficiary shall be an eligible individual at the time the account is established. Each beneficiary may hold only one (1) account. The Director may establish a nonrefundable application fee and an annual fee for each account. An application for an account shall be in the form specified by the Director and shall contain:

(1) the name, address, and social security number of the account owner;

(2) the name, address, and social security number of the designated beneficiary, if the account owner is the beneficiary’s trustee or guardian;

(3) certification relating to no excess contributions;
and

(4) additional information as the Director may require.

(b) Any person may make contributions to an ABLE savings account after the account is opened, subject to the limitations imposed by § 529A of the Internal Revenue Code of
1986, as amended, or any rules and regulations adopted by the
Secretary and applicable to this Chapter.

(c) Contributions to an ABLE savings account may be made only in cash. The Director or program manager shall reject or promptly withdraw a contribution:
(1) if the contribution is in excess of the limits established pursuant to Subsection (b) of this Section;

(2) if total contributions cause the value of the account to be equal to or greater than the account maximum established by the Director. The account maximum must be equal to the account maximum for postsecondary education savings accounts established pursuant to § 529 of the Internal Revenue Code of 1986, as amended; or

(3) if the designated beneficiary is not an eligible individual in the current calendar year.

(d) An account owner may:
(1) change the designated beneficiary of an account to an individual who is a member of the family of the prior
designated beneficiary in accordance with procedures
established by the Director; and

(2) transfer all or a portion of an account to another ABLE savings account, the designated beneficiary of which is a member of the family as defined in § 529A of the Internal Revenue Code of 1986, as amended.

No account owner shall use an interest in an account as security for a loan. Any pledge of an interest in an account shall be of no force and effect.

(e) If there is any distribution from an account to any individual or for the benefit of any individual during a calendar year, the distribution shall be reported to the Department of Revenue and Taxation and to the account owner, designated beneficiary, or distributee to the extent required by Guam or federal law.

(f) Statements shall be provided to each account owner at least four (4) times each year within thirty (30) days after the end of the three (3)-month period to which a statement relates. The statement shall identify the contributions made during the preceding three (3)-month period, the total contributions made to the account through the end of the period, the value of the account at the end of the period, distributions made during the period, and any other information that the Director requires to be reported to
the account owner. Statements and information relating to accounts shall be prepared and filed to the extent required by this Chapter and any other Guam or federal law.

(g) The program shall provide a separate accounting for each designated beneficiary.